Business insurance is a necessity for any enterprise. For veterinarians, boarders, professional pet walkers, groomers, or other individuals who work with animals domestic and wild, however, there are unique coverage types to consider. Here’s what you should know. 

5 Types of Business Insurance for Pet-Based Operations 

1. General Liability 

General liability insurance will protect you against property damage or injury claims from third parties. If you’re walking a dog and it bites a passerby, for instance, the victim’s medical expenses would be paid for out of this policy. If a pet you’re sitting chews up a beloved antique armchair while you’re not looking, it may cover the cost of repair or replacement. 

2. Animal Bailee Endorsement  

If you’re a bailee, that means you’ve been temporarily entrusted to care for and safeguard someone else’s property, such as their pet. A bailee can be either an individual or a company. If the pet sustains an injury, dies, or gets lost on your watch, this optional but key policy type will shield you from potential financial impacts. If you transport the animals, coverage may even apply while you’re driving within a certain defined area. 

3. Workers’ Compensation 

Unless you’re a sole proprietor, partner, or LLC member, you’re required by law to purchase this insurance type from a commercial provider. This will provide for the medical expenses and lost wages of injured employees. If an overenthusiastic pooch drags one of your dog walking employees to the ground and harms them, for instance, that would be covered. 

4. Property Insurance 

If you have a physical location, you should explore property insurance. This broad coverage type can protect your equipment and facilities against expensive damage and losses from certain weather events, theft, and fires. Some may also protect against damage caused by animals themselves. 

5. Professional Negligence 

This type is especially key for veterinarians. In the past, the law assessed animals as property and evaluated damages based on their market value. Since this was generally less than the cost of legal fees, suits against veterinarians were relatively rare. However, courts are increasingly acknowledging that pets and livestock also offer companionship, protection, and other benefits that are now factored into their award decisions. Even spurious claims of incompetence or malpractice can rack up significant costs unless you have sufficient protections in place, which is why this coverage type is essential. 

As a trusted State Farm Agent in Mooresville, IN, Bruce Richardson helps make sense of complex business insurance issues. Whether you run a kennel or a veterinary clinic, he’ll help you find the best policies and coverage limits for your needs. He also offers many other essential insurance products for your complete protection. Take advantage of his more than 25 years of experience by calling (317) 831-3500 to schedule an appointment today. Like his page on Facebook or visit his website to learn more.